You are buying into an operating business
A high-rise has staff, contracts, insurance, reserves, mechanical systems, and a capital plan. Review budgets, financial statements, board minutes, reserve studies, litigation, owner occupancy, and planned work. A polished lobby cannot offset deferred façade, elevator, riser, roof, or garage projects.
- Compare reserves with the known capital schedule.
- Read minutes for recurring leaks, noise, litigation, or repairs.
- Ask what has been completed and what is expected next.
Test the unit and the rules
Visit during daylight and after work hours. Listen for elevators, equipment, neighbors, and street activity; test water pressure, cellular service, windows, and heating and cooling. Confirm rental, pet, move, renovation, contractor, balcony, and approval rules before assuming your plans are feasible.
Calculate the complete monthly position
Include assessments, taxes, parking, insurance, excluded utilities, and a prudent allowance for future capital work. Lower price can be offset by high carrying cost; a higher assessment may be reasonable when it funds strong services and reserves. Judge the value received for the cost.
360 perspective
Evaluate three assets at once: the residence, the building, and the association that governs it.
Frequently asked questions